We are two months into New financial year and best you finalise the Tax affairs of the previous Financial year soon. If your self-assessment is not submitted and tax is not paid on time, you will receive automatic £100 penalty from HMRC. Act now to ensure your Self...
This is a quick update about the ‘HMRC Payment on Account’ on your Self Assesment return. Please ignore this email, if you started your company on or after 6th April 2018; or if your Personal Self Assesment tax bill for Financial Year 2017/18 is less than...
Financial year for 2019/20 began on 6th April 2019. Here is a quick refresher of changes you need to be aware of. Personal Allowance Personal allowance (the annual amount you can earn before paying tax) for this financial year – rises from £11,850 to £12,500. If...
Making Tax Digital (MTD) for VAT is only few months away. From 1 April 2019, all VAT-registered UK businesses above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software. Over the coming months,...
We had lot of questions from our clients regarding this and hope this article will help them understand this better. WHAT IS PAYMENT ON ACCOUNT? ‘Payments on account’ are payments made towards your following year’s income tax. In other words “Advance Payments” towards...
Chancellor of the Exchequer H.E Philip Hammond delivered his speech today at Westminster. He opened the speech with “A budget for the strivers, the grafters and the carers” and “era of austerity is finally coming to an end”. We will look at some key...
